New York area companies buy The Brittany Apartments

BUYER: Brittany Partners IV LLC (principal: Solamein Rabanipour), Brittany Roem LLC (principal: David Shweky) and Dafr Brittany

LLC (DAFR LLC) as tenants in common, Brooklyn, N.Y.
SELLER: Brittany Apartments LLC and
Brittany Apartments II LLC
PROPERTY: 4000-4058 and 4008-4024 Winkler Ave., Fort Myers
PRICE: $15.35 million
PREVIOUS PRICE: $6.73 million and $3.62 million, April 2012
LAW FIRM ON DEED: Macfarlane Ferguson & McMullen, Clearwater

PLANS, DESCRIPTION: Three New York-area companies purchased the 320-unit The Brittany Apartments for $15.35 million.

The price equated to $47,969 per unit. That figure is less than the current average price per square foot for multifamily space ($70,191) in Southwest Florida, according to the CoStar Group.

Built in phases in1999 and 2001, the 324,068-square-foot apartment complex features 26 buildings spread across 18.74 acres. The two-story property is considered highly stabilized. It had just four vacant units (1.3% vacancy rate) as of the CoStar Group's last review of the property. Units average 1,013 square feet and range from 771 to 1,444 square feet.
Its community amenities include a fitness center, playground, swimming pool and laundry facility.

The seller, Largo apartment investor Benjamin Mallah, purchased the apartment in April 2012.

The purchase entities, Brittany Partners IV LLC, Brittany Roem LLC and Dafr Brittany LLC, mortgaged the property to Arbor Commercial Funding LLC for $12.6 million.